Casey, Isakson Continue Fight to Cut Off Terror Financing With New Legislation

Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and Johnny Isakson (R-GA) introduced legislation that would provide the President additional leverage to penalize foreign governments failing to shut down terrorist financiers and facilitators. The Stop Terrorists Operational Resources and Money (STORM) Act would authorize the President to designate a country that is not doing enough on terrorism financing as a “Jurisdiction of Terrorism Financing Concern.” This designation triggers a menu of penalties or requires that the country enter into a capacity building agreement with the U.S. Government to improve their ability to end terrorist financing.

“This legislation ensures that all partners in the fight against terrorist groups, especially ISIL, pull their weight when it comes to stopping terrorist financiers and facilitators,” Senator Casey said. “Cutting off the money that terrorist groups use to pay fighters’ salaries, buy weapons and IED components, and control territory is essential to the strategy to degrade and ultimately defeat these groups.”

“Cutting off financial resources from terrorist groups is essential in our efforts to degrade and defeat them,” said Senator Isakson. “This bill will enable the United States and our partners to crack down on those involved in financing the Islamic State and other terrorist groups, effectively adding another dimension to our fight against terrorism.”

Under current law, the U.S. has limited leverage to penalize a government for allowing terrorist financiers to operation using its jurisdiction. The STORM Act will give the President additional tools to ensure all foreign partners are investigating, prosecuting, and holding accountable terrorist financiers as well as improving their legal framework on terrorism financing. It also sanctions foreign banks for doing business for ISIL.

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Stop Terrorist Operational Resources and Money Act »A bill to establish a designation for jurisdictions permissive to terrorism financing, to build the capacity of partner nations to investigate, prosecute, and hold accountable terrorist financiers, to impose restrictions on foreign financial institutions that provide financial services for terrorist organizations, and for other purposes.